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returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.After-tax returns are only shown for Institutional Class&nbsp;shares and after-tax returns for other Classes will vary.The year-to-date return<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>TOUCHSTONE CONSERVATIVE ALLOCATION FUND SUMMARY</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Investment Goal</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Touchstone Conservative Allocation Fund (the &#147;Fund&#148;) seeks to provide investors with current income and preservation of capital.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Fees and Expenses</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; <font>You may qualify for sales charge discounts for Class&#160;A shares if you and your family invest, or agree to invest in the future, at least $<font><font>50,000</font></font> or more in the Touchstone Funds.</font>&#160; More information about these and other discounts is available from your financial professional and in the section entitled &#147;Choosing a Class&#160;of Shares&#148; in the Fund's prospectus on page&#160;<font>34</font> in the Fund's Statement of Additional Information (&#147;SAI&#148;) on page&#160;<font>46</font>.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Shareholder Fees (fees paid directly from your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Example.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $<font>10,000</font> in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a <font>5</font>% return each year and that the Fund's operating expenses remain the same (reflecting any contractual expense limits). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Portfolio Turnover.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs&#160;and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160;&#160;During the most recent fiscal year, the Fund's portfolio turnover rate was <font>30</font>% of the average value of its portfolio.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Principal Investment Strategies</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund is a &#147;fund-of-funds,&#148; which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds).&#160; These affiliated underlying funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income funds, as of the date of this prospectus.</font></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;"><strong><font size="1" style=" font-size: 8pt; font-weight: bold;">Fixed-Income&#160;Fund&#160;Allocation</font></strong></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;"><font size="2" style=" font-size: 10pt;"><font>20</font>-<font>40</font>%</font></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;"><font size="2" style=" font-size: 10pt;"><font>60</font>-<font>80</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's sub-advisor,&#160;Ibbotson Associates,&#160;Inc. (&#147;Ibbotson&#148; or &#147;Sub-Advisor&#148;), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the projected correlation of the performance of different market sectors.&#160; The Fund may invest <font>0</font>-<font>45</font>% of its assets in any individual underlying fund.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Ibbotson and the Fund's investment advisor periodically agree on the universe of underlying funds that Ibbotson may consider when making allocation decisions.&#160; Ibbotson's analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis; holdings-based style analysis; manager interviews; relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks; and historical volatility (the variability of returns from <font>one</font> period to the next).&#160; When considering equity funds,&#160;Ibbotson focuses on the underlying funds' foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value).&#160; When considering fixed-income funds,&#160;Ibbotson's primary focus is the overall level of risk in the type of fixed-income securities in which the underlying funds invest and on maximizing current income and long-term capital growth.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Ibbotson, subject to approval by the Fund's investment advisor, may change the Fund's target allocation to each asset class, the underlying funds in each asset class (including adding or deleting funds from the universe of underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Decisions to sell shares of the underlying funds are made to adjust an underlying fund's target allocation based on Ibbotson's view of the Fund's characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund's holdings.&#160; For information on the underlying funds, please see the section entitled &#147;Additional Information Regarding the Underlying Funds&#148; under &#147;Investment Strategies and Risks&#148; in the Fund's prospectus.</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Principal Risks</strong></div>0.00250.01000.0044<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's share price will fluctuate.&#160; <font>You could lose money on your investment in the Fund and the Fund could return less than other investments.</font>&#160; The Fund is subject to the principal risks summarized below.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Management Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; In managing the Fund's portfolio, Touchstone Advisors,&#160;Inc. (the &#147;Advisor&#148;) engages <font>one</font> or more sub-advisors to make investment decisions on a portion of or the entire portfolio.&#160; There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.&#160; The value of your investment may decrease if the sub-advisor incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Risks of Fund-of-Funds Structure:</font></strong><font size="2" style=" font-size: 10pt;"> The value of an investment in the Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds.&#160; The underlying funds may change their investment goals, policies, or practices and there can be <font>no</font> assurance that the underlying funds will achieve their respective investment goals.&#160; Because the Fund </font><font size="2" style=" font-size: 10pt;"><font size="2" style=" font-size: 10pt;">invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests.&#160; The principal risks of an investment in the Fund include the principal risks of investing in the underlying funds.</font></font></p>
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<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund is exposed to the risks of the underlying funds in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund.&#160; To the extent that the Fund allocates more of its assets to <font>one</font> underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund.&#160; <font>One</font> underlying fund may buy the same security that another underlying fund is selling.&#160; You would indirectly bear the costs of both trades.&#160; In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund's transactions in shares of the underlying funds.&#160; The Fund's ability to achieve its investment goal depends upon Ibbotson's skill in selecting the best mix of underlying funds.&#160; There is the risk that Ibbotson's evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The underlying funds are expected to be subject to the following principal risks.</font></p>
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<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Equity Funds Risks:&#160; </font></strong><font size="2" style=" font-size: 10pt;">These underlying funds are subject to the risk that stock prices will fall (or rise with respect to short positions) over short or extended periods of time.&#160; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&#160; Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying fund's shares.&#160; The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the underlying fund's shares.&#160; The risks of investing in underlying equity funds include risks specific to their investment strategies, such as investment style risk and capitalization risk.</font></p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Fixed Income Funds Risks:</font></strong><font size="2" style=" font-size: 10pt;">&#160; The prices of an underlying fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments.&#160; Other principal risks include call risk and high-yield debt (&#147;junk bond&#148;) risk.&#160; Call risk refers to situations when an issuer prepays (or &#147;calls&#148;) a debt obligation prior to maturity and an underlying fund holding that debt must invest the resulting proceeds at lower interest rates.&#160; High-yield debt risk refers to non-investment-grade debt obligations (&#147;junk bonds&#148;) that carry a higher risk of default by the issuer, and are generally considered speculative and less liquid than investment-grade debt obligations.</font></p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Derivatives Risk: </font></strong><font size="2" style=" font-size: 10pt;">&#160;Certain underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals.&#160; The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default.&#160; These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject.&#160; An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund's duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy.&#160; An underlying fund may not fully benefit from or may lose money on derivative investments.</font></p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Foreign Securities Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Certain underlying funds may invest in foreign securities, which pose risks in addition to those posed by domestic securities because political and economic events unique in a country or region will affect those markets and their issuers.&#160; These events will not necessarily affect the U.S. economy or issuers located in the United States.&#160; In addition, investments in foreign securities are generally denominated in foreign currency.&#160; Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors.&#160; Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.&#160; In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries.&#160; Investments in securities of foreign issuers may be subject to foreign withholding and other taxes.</font></p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Merger Arbitrage Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected.</font></p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">As with any mutual fund, there is <font>no</font> guarantee that the Fund will achieve its investment goal.&#160; You can find more information about the Fund's investments and risks under the &#147;Investment Strategies and Risks&#148; section of the Fund's prospectus.</font></p>
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</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Performance</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;"><font>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for <font>1</font> year, <font>5</font> years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard&#160;&amp; Poor's Composite <font>1500</font> Index.</font>&#160; The</font></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">bar chart does not reflect any sales charges, which would reduce your return.&#160; The returns achieved prior to November&#160;19, 2007 were under a manager-of-managers structure.&#160; For more information on the prior history of the Fund, please see the section entitled &#147;The Trust&#148; in the Fund's SAI.&#160; <font>Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font>&#160; More recent performance is available at <font>no</font> cost by visiting <font>www.TouchstoneInvestments.com</font> or by calling <font>1.800.543.0407</font>.</font></p>
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</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Touchstone Conservative Allocation Fund &#151; Institutional Class&#160;shares Total Return as of December&#160;31</strong></div>0.0044<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Best Quarter: <font>2</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">nd</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2009</font> <font>9.41</font>%&#160; &#160;</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Worst Quarter: <font>3</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">rd</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2008</font> <font>(7.11)</font>%&#160;</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;"><font>The year-to-date return</font> for the Fund's Institutional Class&#160;shares as of March&#160;31, 2014 is <font>1.97</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;"><font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font>&#160; <font>Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.</font>&#160; <font>After-tax returns are only shown for Institutional Class&#160;shares and after-tax returns for other Classes will vary.</font></font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Institutional Class&#160;shares and Classes A and Class&#160;C shares began operations on September&#160;30, 2004. Class&#160;Y shares began operations on December&#160;9, 2005.&#160; Class&#160;Y shares performance was calculated using the historical performance of Institutional Class&#160;shares for the periods prior to December&#160;9, 2005.</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Average Annual Total Returns For the periods ended December&#160;31, 2013</strong></div>You may qualify for sales charge discounts for Class&nbsp;A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.500000.05750.0100-15-15-15-150.00200.00200.00200.00200.00420.04650.00700.00700.00700.00700.01590.02340.01320.0555-0.0040-0.0040-0.0038-0.04610.01190.01940.00940.00946892979696197101169238112456921355121468723811214232426451557516726450.300.06400.08670.05590.05500.07020.04050.03720.06200.03840.00040.07100.04660.04360.07560.04550.06310.08660.0558-0.02020.04440.04540.32800.18380.0820The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December&nbsp;31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.You could lose money on your investment in the Fund and the Fund could return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard&nbsp;&amp; Poor's Composite 1500 Index.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member row primary compact * ~1.800.543.04072004-09-30Class C Return Before Taxes00.0197-0.13562004-09-300.084802015-04-29~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member row primary compact * ~0.03070.04302004-09-30Class A Return Before TaxesInstitutional Class Return Before Taxes~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member row primary compact * ~Class Y Return Before Taxes~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member row primary compact * ~0-0.0711The bar chart does not reflect any sales charges, which would reduce your return.2014-03-312004-09-300.06402004-09-300Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)0.18862009-06-302015-04-29Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes)Worst Quarter:2008-09-30reflects no deduction for fees, expenses or taxes00.07750.08180.09412015-04-29Institutional Class Return After Taxes on Distributions and Sale of Fund Shares0.0721~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member row primary compact * ~02004-09-30Institutional Class Return After Taxes on Distributions2004-09-300www.TouchstoneInvestments.comBest Quarter:2015-04-292004-09-30~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035686Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035686Member column dei_LegalEntityAxis compact cik0000711080_S000035686Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~00.05750.0100-15-15-15-150.00850.00850.00850.00850.00250.01000.00660.00660.00660.00660.00650.00690.00440.00440.01310.01350.01100.01100.00010.00010.00010.00010.02420.03210.01960.0196-0.0020-0.0024-0.0000-0.00040.02220.02970.01960.0192787400199195300126896761561196717741658105710541658315934962285228234963.82<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">1.800.543.0407</div>0.19200.08980.03610.19190.08950.03130.10880.07120.02740.12200.07430.02770.17070.07880.02620.19290.08970.03630.32390.17940.07410.00050.00100.0159<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>TOUCHSTONE DYNAMIC EQUITY FUND SUMMARY</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Investment Goal</font></strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Touchstone Dynamic Equity Fund (the &#147;Fund&#148;) seeks to obtain long-term capital appreciation from hedged equity investments with less risk than a fully invested, unhedged equity portfolio.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Fees and Expenses</font></strong></div>2015-04-29Best Quarter:<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; <font>You may qualify for sales charge discounts for Class&#160;A shares if you and your family invest, or agree to invest in the future, at least $<font><font>50,000</font></font> or more in the Touchstone Funds.</font>&#160; More information about these and other discounts is available from your financial professional and in the section entitled &#147;Choosing a Class&#160;of Shares&#148; in the Fund's prospectus on page&#160;<font>34</font> and in the Fund's Statement of Additional Information (&#147;SAI&#148;) on page&#160;<font>46</font>.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Example.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">&#160; This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $<font>10,000</font> in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a <font>5</font>% return each year and that the Fund's operating expenses remain the same (reflecting any contractual expense limits).&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Portfolio Turnover.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">&#160; The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs&#160;and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160; During the most recent fiscal year, the Fund's portfolio turnover rate was <font>382</font>% of the average value of its portfolio.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Investment Strategies</font></strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Performance</font></strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><font>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for <font>1</font> year, <font>5</font> years, and 10 years compare with the S&amp;P <font>500</font> Index and the Citigroup <font>3</font>-Month T-Bill Index.</font>&#160; <font>The bar chart does not reflect any sales charges, which would reduce your return.</font>&#160; For information on the prior history of the Fund, please see the section entitled &#147;The Trust&#148; in the Fund's SAI.&#160; <font>Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font>&#160; More recent performance is available at no cost by visiting <font>www.TouchstoneInvestments.com</font> or by calling <font>1.800.543.0407</font>.</div>-0.3379<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Touchstone Dynamic Equity Fund &#151; Class&#160;Y shares Total Return as of December&#160;31</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Best Quarter: <font>4</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">th</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2011</font> <font>10.89</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Worst Quarter: <font>4</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">th</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2008</font> <font>(16.78)</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The year-to-date return for the Fund's Class&#160;Y shares as of March&#160;31, 2014 is <font>1.80</font>%.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;"><font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font>&#160; <font>Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, <font>401</font>(k), or other tax-deferred account.</font>&#160; <font>After-tax returns are only shown for Class&#160;Y shares and after-tax returns for other Classes will vary.</font></font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Class&#160;Y shares began operations on July&#160;1, 1978, Classes A and C shares began operations on March&#160;31, 2005, and Institutional Class&#160;shares began operations on December&#160;9, 2005.&#160; Classes A and C shares performance was calculated using the historical performance of Class&#160;Y shares for the periods prior to March&#160;31, 2005 and Institutional Class&#160;shares performance was calculated using the historical performance of Class&#160;Y shares for the periods prior to December&#160;9, 2005.&#160; The Classes A and C shares performance for this period have been restated to reflect the impact of their respective class fees and expenses.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Average Annual Total Returns For the periods ended December&#160;31, 2013</font></strong></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Shareholder Fees (fees paid directly from your investment)</strong></div>reflects no deduction for fees, expenses or taxesAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.After-tax returns are only shown for Class&nbsp;Y shares and after-tax returns for other Classes will vary.You may qualify for sales charge discounts for Class&nbsp;A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short.&nbsp; Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December&nbsp;31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.You could lose money on your investment in the Fund and the Fund could return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and 10 years compare with the S&amp;P 500 Index and the Citigroup 3-Month T-Bill Index.www.TouchstoneInvestments.comPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart does not reflect any sales charges, which would reduce your return.2008-12-312014-04-300.09870.0169TSMAXClass Y Return After Taxes on Distributions and Sale of Fund SharesfalseTSMYX00.1536<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's sub-advisor, Analytic Investors, LLC (&#147;Analytic&#148; or &#147;Sub-Advisor&#148;), seeks to achieve the Fund's investment goal by investing the Fund's assets in a combination of equity securities, high quality short-term debt securities, and derivative instruments.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Equity Strategy: </font></strong><font size="2" style=" font-size: 10pt;">&#160;The Fund normally invests at least <font>80</font>% of its assets in equity securities.&#160; This is a non-fundamental investment policy that can be changed by the Fund upon <font>60</font> days prior notice to shareholders.&#160; The Fund invests primarily in long and short positions in U.S. large-cap stocks included in the Russell <font>1000</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">&#174;</font><font size="2" style=" font-size: 10pt;">&#160;Index (the &#147;Index&#148;), although the Fund may invest in small- and mid-cap equity securities.&#160; The Fund buys securities &#147;long&#148; that Analytic believes will outperform the Index and sells securities &#147;short&#148; that Analytic believes will underperform the Index.&#160; The Fund intends to take long and short equity positions that may vary over time based on Analytic's assessment of market conditions and other factors.&#160; The Fund's long equity exposure is ordinarily expected to range from <font>80</font>% to <font>130</font>% and its short equity exposure from <font>0</font>% to <font>70</font>% of the Fund's net assets, excluding cash.&#160; The Fund may take short positions at the higher end of this range when it has reduced its written call options positions under the options strategy (as described below) and may during these periods hold a substantial portion of the Fund's total assets in high quality short-term debt securities, cash, or cash equivalents.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Analytic selects common stocks and other equity securities for the Fund using a proprietary system that ranks securities according to a quantitative model.&#160; The model attempts to determine a security's intrinsic value by evaluating variables such as relative valuation, price momentum, company fundamentals, liquidity, and risk.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Options Strategy:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Analytic seeks to reduce the overall portfolio risk through the use of options.&#160; The Fund's options strategy primarily focuses on the use of writing (selling) call options on equity indexes or exchange-traded index funds (&#147;ETFs&#148;).&#160; The Fund may sell call options on broad-based domestic equity indexes or ETFs, such as the S&amp;P <font>100</font></font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">&#174;</font><font size="2" style=" font-size: 10pt;">&#160;Index, as well as on narrower market indexes or ETFs or on indexes or ETFs of companies in a particular industry or sector.&#160; T The Fund seeks to write options on broad and narrow-based indexes and ETFs that correlate with the price movements of the Fund's equity securities.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund may also buy index put options to help protect it from potential market declines.&#160; The value of these options tends to move inversely to the underlying index.&#160; When the market declines, the value of index put options increases as the prices of the stocks constituting the index decrease.&#160; During periods of market appreciation, the value of the index put option decreases as these stocks increase in price.&#160; The Fund may also write (sell) covered call options on individual equity securities.&#160; The Fund may also purchase put options on individual equity securities which it owns.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund may engage in frequent and active trading of securities as part of its principal investment strategy.&#160; Analytic generally considers selling a security when it reaches fair value estimate, when the company's fundamentals do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company's fundamentals, when the risks of the security unexpectedly rise, or when other investment opportunities appear more attractive.</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Risks&#160;</font></strong></div>TBACXWorst Quarter:TVAIXTSACX0.1089TSAYXInstitutional Class Return Before TaxesTDEAX0<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<div style=" font-family : Times New Roman;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's share price will fluctuate.&#160; <font>You could lose money on your investment in the Fund and the Fund could return less than other investments.</font>&#160; The Fund is subject to the principal risks summarized below.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Call Options Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Writing index and ETF call options is intended to reduce the Fund's volatility and provide income, although it may also reduce the Fund's ability to profit from increases in the value of its equity portfolio.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Covered Call Options Risk</font><font size="2" style=" font-size: 10pt; font-weight: bold;">:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Investments in covered calls involve certain risks.&#160; These risks include:</font></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;">&#160;</p>
<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><em><font size="2" style=" font-size: 10pt; font-style: italic;">Limited Gains.</font></em><font size="2" style=" font-size: 10pt;">&#160; When the Fund writes a covered call option, the Fund makes an obligation to deliver a security it already owns at an agreed-upon strike price on or before a predetermined date in the future in return for a premium.&#160; By selling a covered call option, the Fund may forego the opportunity to benefit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the value of the underlying stock.&#160; While the Fund receives a premium for writing the call option, the price the Fund realizes from the sale of stock upon exercise of the option could be substantially below its prevailing market price.</font></p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><em><font size="2" style=" font-size: 10pt; font-style: italic;">Lack of Liquidity for the Option.</font></em><font size="2" style=" font-size: 10pt;">&#160; A liquid market may not exist for the option.&#160; If the Fund is not able to close out the options transaction, the Fund will not be able to sell the underlying security until the option expires or is exercised.</font></p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><em><font size="2" style=" font-size: 10pt; font-style: italic;">Lack of Liquidity for the Security.</font></em><font size="2" style=" font-size: 10pt;">&#160; The Fund's investment strategy may also result in a lack of liquidity of the purchase and sale of portfolio securities.&#160; Because the Fund will generally hold the stocks underlying the call option, the Fund may be less likely to sell the stocks in its portfolio to take advantage of new investment opportunities.</font></p>
<p style=" margin: 0in 0in .0001pt .25in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Derivatives Risk:&#160; </font></strong><font size="2" style=" font-size: 10pt;">The use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives.&#160; Risks associated with derivatives may include the risk that the derivative is not well coordinated with the security, index, or currency to which it relates, the risk that the Fund will be unable to sell or close out the derivative due to an illiquid market, the risk that the counterparty may be unwilling or unable to meet its obligations, and the risk that the derivative could expose the Fund to leverage risks.&#160; These additional risks could cause the Fund to experience losses to which it would otherwise not be subject.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Equity Securities Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; The Fund is subject to the risk that stock prices will fall (or rise with respect to short positions) over short or extended periods of time.&#160; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&#160; The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.&#160; Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the Fund's shares.</font></p>
<p style=" margin: 0in 0in .0001pt;">&#160;</p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Large-Cap Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Large-cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies.&#160; Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</font></p>
<p style=" margin: 0in 0in .0001pt .5in; text-indent: -.25in;">&#160;</p>
<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Leverage Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; By engaging in certain derivative strategies or investing the proceeds received from selling securities short, the Fund is employing leverage, which creates special risks.&#160; The use of leverage may increase the Fund's exposure to long or short equity positions and make any change in the Fund's net asset value greater than without the use of leverage.&#160; Leverage generally results in increased volatility of returns.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Management Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; In managing the Fund's portfolio, Touchstone Advisors,&#160;Inc. (the &#147;Advisor&#148;) engages <font>one</font> or more sub-advisors to make investment decisions on a portion of or the entire portfolio.&#160; There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.&#160; The value of your investment may decrease if the sub-advisor incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk:&#160; </font></strong><font size="2" style=" font-size: 10pt;">Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance and may result in the realization of substantial capital gains, including net short-term capital gains. As a result, high portfolio turnover may reduce the Fund's returns.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Short Sales Risk:</font></strong><font size="2" style=" font-size: 10pt;"> The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security.&#160; In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price.&#160; If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss.&#160; The Fund's losses are potentially unlimited in a short sale transaction.&#160; Short sales are speculative transactions and involve special risks, including greater reliance on the sub-advisor's ability to accurately anticipate the future value of a security.</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">As with any mutual fund, there is <font>no</font> guarantee that the Fund will achieve its investment goal.&#160; You can find more information about the Fund's investments and risks under the &#147;Investment Strategies and Risks&#148; section of the Fund's prospectus.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>Best Quarter:</font> <font>2</font></font><font size="1" style=" top: -3pt; font-size: 7pt; position: relative;">nd</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2009</font> <font>20.62</font></font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>Worst Quarter:</font> <font>4</font></font><font size="1" style=" top: -3pt; font-size: 7pt; position: relative;">th</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2008</font> <font>(23.79)</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>The year-to-date return</font> for the Fund's Institutional Class&#160;shares as of March&#160;31, 2014 is <font>1.98</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Average Annual Total Returns</font></strong></p>
<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">For the periods ended December&#160;31, 2013&#160;</font></strong></p>
</div>You may qualify for sales charge discounts for Class&nbsp;A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.0.20620.0100-0.23790.01980.2106You could lose money on your investment in the Fund and the Fund could return less than other investments.&nbsp;Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.reflects no deduction for fees, expenses or taxesAfter-tax returns are only shown for Institutional Class&nbsp;shares and after-tax returns for other classes will vary.0.1523-150.06780.20010.13920.05660.12450.11820.05090.13720.13670.0589-150.18880.14180.05780.21060.1533<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font>&#160; <font>Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, <font>401</font>(k), or other tax-deferred account.</font>&#160; <font>After-tax returns are only shown for Institutional Class&#160;shares and after-tax returns for other classes will vary.</font></font></p>
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<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Institutional Class&#160;shares and Classes A and C shares began operations on September&#160;30, 2004. Class&#160;Y shares began operations on December&#160;9, 2005.&#160; Class&#160;Y shares performance was calculated using the historical performance of Institutional Class&#160;shares for the periods prior to December&#160;9, 2005.</font></p>
</div>The year-to-date return0.0684Best Quarter:Worst Quarter:0.32800.1838-150.0820-150.00250.00250.0025Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December&nbsp;31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.0.0025<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><strong>TOUCHSTONE GROWTH ALLOCATION FUND SUMMARY&#160;</strong></font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Investment Goal</font></strong><font style=" text-decoration: underline;">&#160;</font></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Fees and Expenses</font></strong><font style=" text-decoration: underline;">&#160;</font></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Shareholder Fees (fees paid directly from your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Example.</font></strong><font size="2" style=" font-size: 10pt;">&#160;</font></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Portfolio Turnover.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Investment Strategies&#160;</font></strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Risks&#160;</font></strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Performance</font></strong></div>0.00250.01000.00510.0048<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Touchstone Growth Allocation Fund &#151; Institutional Class&#160;shares Total Return as of December&#160;31</strong></div>0.00430.97820.0097<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Touchstone Growth Allocation Fund (the &#147;Fund&#148;) seeks to provide investors with capital appreciation.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; <font>You may qualify for sales charge discounts for Class&#160;A shares if you and your family invest, or agree to invest in the future, at least $<font>50,000</font> or more in the Touchstone Funds.</font>&#160; More information about these and other discounts is available from your financial professional and in the section entitled &#147;Choosing a Class&#160;of Shares&#148; in the Fund's prospectus on page&#160;<font>34</font> and in the Fund's Statement of Additional Information (&#147;SAI&#148;) on page&#160;<font>46</font>.</div>0.00970.00970.00970.01980.02700.01650.9904-0.0052-0.0049-0.0044-0.9783<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $<font>10,000</font> in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a <font>5</font>% return each year and that the Fund's operating expenses remain the same (reflecting any contractual expense limits). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>0.01460.02210.01210.0121Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.7153241231232241113792500004775894792<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs&#160;and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160;&#160;During the most recent fiscal year, the Fund's portfolio turnover rate was <font>50</font>% of the average value of its portfolio.</div>1536138685659141386270929961918591429960.50<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund is a &#147;fund-of-funds,&#148; which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds).&#160; These affiliated underlying funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income funds, as of the date of this prospectus.</font></p>
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<p align="center" style=" margin: 0in 0in 0pt 10pt; text-align: center; text-indent: -10pt;"><font size="2" style=" font-size: 10pt;"><font>90</font>-<font>100</font>%</font></p>
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<p align="center" style=" margin: 0in 0in 0pt; text-align: center;"><font size="2" style=" font-size: 10pt;"><font>0</font>-<font>10</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund's sub-advisor,&#160;Ibbotson Associates,&#160;Inc. (&#147;Ibbotson&#148; or &#147;Sub-Advisor&#148;), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors.&#160; The Fund may invest <font>0</font>-<font>45</font>% of its assets in any individual underlying fund.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Ibbotson and the Fund's investment advisor routinely agree on the universe of underlying funds that Ibbotson may consider when making allocation decisions.&#160; Ibbotson's analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis; holdings-based style analysis; manager interviews; relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks; and historical volatility (the variability of returns from <font>one</font> period to the next).&#160; When considering equity funds,&#160;Ibbotson focuses on the underlying funds' foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value).&#160; When considering fixed-income funds,&#160;Ibbotson's primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Ibbotson, subject to approval by the Fund's investment advisor, may change the Fund's target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Decisions to sell shares of the underlying funds are made to adjust an underlying fund's target allocation based on Ibbotson's view of the Fund's characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund's holdings.&#160; For information on the underlying funds, please see the section entitled &#147;Additional Information Regarding the Underlying Funds&#148; under &#147;Investment Strategies and Risks&#148; in the Fund's prospectus.</font></p>
</div>02004-09-30<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund's share price will fluctuate.&#160; <font>You could lose money on your investment in the Fund and the Fund could return less than other investments.&#160;</font> The Fund is subject to the principal risks summarized below.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Management Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; In managing the Fund's portfolio, Touchstone Advisors,&#160;Inc. (the &#147;Advisor&#148;) engages <font>one</font> or more sub-advisors to make investment decisions on a portion of or the entire portfolio.&#160; There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.&#160; The value of your investment may decrease if the sub-advisor incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Risks of Fund-of-Funds Structure:</font></strong><font size="2" style=" font-size: 10pt;"> The value of an investment in the Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds.&#160; The underlying funds may change their investment goals, policies or practices and there can be <font>no</font> assurance that the underlying funds will achieve their respective investment goals.&#160; Because the Fund </font><font size="2" style=" font-size: 10pt;"><font size="2" style=" font-size: 10pt;">invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests.&#160; The principal risks of an investment in the Fund include the principal risks of investing in the underlying funds.</font></font></p>
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<p align="center" style=" margin: 0in 0in 0pt; text-align: center;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund is exposed to the risks of the underlying funds in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund.&#160; To the extent that the Fund invests more of its assets in <font>one</font> underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund.&#160; <font>One</font> underlying fund may buy the same security that another underlying fund is selling.&#160; You would indirectly bear the costs of both trades.&#160; In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund's transactions in shares of the underlying funds.&#160; The Fund's ability to achieve its investment goal depends upon Ibbotson's skill in selecting the best mix of underlying funds.&#160; There is the risk that Ibbotson's evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The underlying funds are expected to be subject to the following principal risks.</font></p>
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<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.5in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Equity Funds Risks:&#160; </font></strong><font size="2" style=" font-size: 10pt;">These underlying funds are subject to the risk that stock prices will fall (or rise with respect to short positions) over short or extended periods of time.&#160; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&#160; Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying fund's shares.&#160; The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the underlying fund's shares.&#160; The risks of investing in underlying equity funds include risks specific to their investment strategies, such as investment style risk and capitalization risk.</font></p>
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<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.5in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Fixed Income Funds Risks:</font></strong><font size="2" style=" font-size: 10pt;">&#160; The prices of an underlying fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments.&#160; Other principal risks include call risk and high-yield debt (&#147;junk bond&#148;) risk.&#160; Call risk refers to situations when an issuer prepays (or &#147;calls&#148;) a debt obligation prior to maturity and an underlying fund holding that debt&#160; must invest the resulting proceeds at lower interest rates.&#160; High-yield debt risk refers to non-investment-grade debt obligations (&#147;junk bonds&#148;) that carry a higher risk of default by the issuer, resulting in losses to the underlying fund, and are generally considered speculative and less liquid than investment-grade debt obligations.</font></p>
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<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.5in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Derivatives Risk: </font></strong><font size="2" style=" font-size: 10pt;">&#160;Certain underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals.&#160; The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default.&#160; These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject.&#160; An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund's duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy.&#160; An underlying fund may not fully benefit from or may lose money on derivative investments.</font></p>
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<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.5in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Foreign Securities Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Certain underlying funds may invest in foreign securities, which pose risks in addition to those posed by domestic securities because political and economic events unique in a country or region will affect those markets and their issuers.&#160; These events will not necessarily affect the U.S. economy or issuers located in the United States.&#160; In addition, investments in foreign securities are generally denominated in foreign currency.&#160; Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors.&#160; Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.&#160; In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries.&#160; Investments in securities of foreign issuers may be subject to foreign withholding and other taxes.</font></p>
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<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.5in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Merger Arbitrage Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the Fund's performance.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">As with any mutual fund, there is <font>no</font> guarantee that the Fund will achieve its investment goal.&#160; You can find more information about the Fund's investments and risks under the &#147;Investment Strategies and Risks&#148; section of the Fund's prospectus.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for <font>1</font> year, <font>5</font> years, and since inception compare with the Standard&#160;&amp; Poor's Composite <font>1500</font> Index.&#160; The bar chart does not reflect any sales</font> <font size="2" style=" font-size: 10pt;">charges, which would reduce your return.&#160; The returns achieved prior to November&#160;19, 2007 were under a manager-of-managers structure.&#160; For more information on the prior history of the Fund, please see the section entitled &#147;The Trust&#148; in the Fund's SAI.&#160; <font>Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font> More recent performance is available at <font>no</font> cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></p>
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</div>~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member row primary compact * ~00.1789Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes)The bar chart does not reflect any sales charges, which would reduce your return.0.1525Class A Return Before Taxes Institutional Return After Taxes on Distributions 2004-09-301.800.543.0407.2004-09-300.1400Institutional Return Before Taxes 2014-03-312004-09-302004-09-3000.00000.00000.07880.10312009-06-304/29/2015~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member row primary compact * ~02008-12-31-0.02140.2106~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Class Y Return Before Taxeswww.TouchstoneInvestments.com~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member row primary compact * ~The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and since inception compare with the Standard & Poor’s Composite 1500 Index.~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member row primary compact * ~0.3055Class C Return Before Taxes 2004-09-304/29/2015-0.4204Institutional Return After Taxes on Distributions and Sale of Fund Shares ~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035689Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035689Member column dei_LegalEntityAxis compact cik0000711080_S000035689Member row primary compact * ~4/29/2015After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.2004-09-304/29/201500.0000<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>Best Quarter:</font> <font>2</font></font><font size="1" style=" top: -3pt; font-size: 7pt; position: relative;">nd</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2009</font> <font>14.93</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>Worst Quarter:</font> <font>4</font></font><font size="1" style=" top: -3pt; font-size: 7pt; position: relative;">th</font><font size="2" style=" font-size: 10pt;">&#160;Quarter <font>2008</font> <font>(12.37)</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>The year-to-date return</font> for the Fund's Institutional Class&#160;shares as of <font>March&#160;31, 2014</font> is <font>2.14</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font>&#160; <font>Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.</font>&#160; <font>After-tax returns are only shown for Institutional Class&#160;shares and after-tax returns for other Classes will vary.</font></font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Institutional Class&#160;shares and Classes A and C shares began operations on September&#160;30, 2004. Class&#160;Y shares began operations on December&#160;9, 2005.&#160; Class&#160;Y shares performance was calculated using the historical performance of Institutional Class&#160;shares for the periods prior to December&#160;9, 2005.</font></p>
</div>0.1493-0.12370.02140.13510.11980.06620.12660.10790.05280.07840.09090.04790.0675<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Shareholder Fees (fees paid directly from your investment)</strong></div>0.1043<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></div>0.05690.11450.10910.05600.13540.12020.06640.0575-0.02020.04440.04540.32800.18380.08200.0100-15<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Average Annual Total Returns For the periods ended December&#160;31, 2013</strong></div>-15-15-15<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Fees and Expenses</strong></div>0.00200.00200.00200.00200.00250.01000.00410.0038<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>TOUCHSTONE BALANCED ALLOCATION FUND SUMMARY</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Investment Goal</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Touchstone Balanced Allocation Fund (the &#147;Fund&#148;) seeks to provide investors with capital appreciation and current income.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; <font>You may qualify for sales charge discounts for Class&#160;A shares if you and your family invest, or agree to invest in the future, at least <font>$50,000</font> or more in the Touchstone Funds.</font>&#160; More information about these and other discounts is available from your financial professional and in the section entitled &#147;Choosing a Class&#160;of Shares&#148; in the Fund's prospectus on page&#160;<font>34</font> and in the Fund's Statement of Additional Information (&#147;SAI&#148;) on page&#160;<font>46</font>.</div>0.00390.62910.00820.00820.00820.00820.01680.02400.01410.6393-0.0037<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Example.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $<font>10,000</font> in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting any contractual expense limits). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>-0.0034-0.0035-0.6287You may qualify for sales charge discounts for Class&nbsp;A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.500000.0131Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December&nbsp;31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.You could lose money on your investment in the Fund and the Fund could return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard&nbsp;&amp; Poor's Composite 1500 Index.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.After-tax returns are only shown for Institutional Class&nbsp;shares and after-tax returns for other Classes will vary.Standard&nbsp;&amp; Poor's Composite 1500 Index (reflects no deduction for fees, expenses or taxes)0.02060.01060.0106<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Portfolio Turnover.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs&#160;and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160;&#160;During the most recent fiscal year, the Fund's portfolio turnover rate was <font>32</font>% of the average value of its portfolio.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Principal Investment Strategies&#160;</strong></div>7013091081082091040<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund is a &#147;fund-of-funds,&#148; which seeks to achieve its investment goal by investing primarily in a diversified portfolio of affiliated underlying equity and fixed-income funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds).&#160; These affiliated underlying funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income funds, as of the date of this prospectus.</font></p>
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<p align="center" style=" margin: 0in 0in 0pt 10pt; text-align: center; text-indent: -10pt;"><font size="2" style=" font-size: 10pt;"><font>50</font>-<font>70</font>%</font></p>
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<p align="center" style=" margin: 0in 0in 0pt; text-align: center;"><font size="2" style=" font-size: 10pt;"><font>30</font>-<font>50</font>%</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund's sub-advisor,&#160;Ibbotson Associates,&#160;Inc. (&#147;Ibbotson&#148; or &#147;Sub-Advisor&#148;), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors.&#160; The Fund may invest <font>0</font>-<font>45</font>% of its assets in any individual underlying fund.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Ibbotson and the Fund's investment advisor routinely agree on the universe of underlying funds that Ibbotson may consider when making allocation decisions.&#160; Ibbotson's analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis; holdings-based style analysis; manager interviews; relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks; and historical volatility (the variability of returns from <font>one</font> period to the next).&#160; When considering equity funds,&#160;Ibbotson focuses on the underlying funds' foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value).&#160; When considering fixed-income funds,&#160;Ibbotson's primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth.</font></p>
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Ibbotson, subject to approval by the Fund's investment advisor, may change the Fund's target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">Decisions to sell shares of the underlying funds are made to adjust an underlying fund's target allocation based on Ibbotson's view of the Fund's characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund's holdings.&#160; For information on the underlying funds, please see the section entitled &#147;Additional Information Regarding the Underlying Funds&#148; under &#147;Investment Strategies and Risks&#148; in the Fund's prospectus.</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>The Fund's Principal Risks</strong>&#160;</div>412672071614021250738783512502419<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund's share price will fluctuate.&#160; <font>You could lose money on your investment in the Fund and the Fund could return less than other investments.</font>&#160; The Fund is subject to the principal risks summarized below.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Management Risk</font><font size="2" style=" font-size: 10pt; font-weight: bold;">: </font></strong><font size="2" style=" font-size: 10pt;">&#160;In managing the Fund's portfolio, Touchstone Advisors,&#160;Inc. (the &#147;Advisor&#148;) engages <font>one</font> or more sub-advisors to make investment decisions on a portion of or the entire portfolio.&#160; There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.&#160; The value of your investment may decrease if the sub-advisor incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.</font></p>
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<p style=" margin: 0in 0in 0pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Risks of Fund-of-Funds Structure:</font></strong><font size="2" style=" font-size: 10pt;"> The value of an investment in the Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds.&#160; The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals.&#160; Because the Fund </font><font size="2" style=" font-size: 10pt;"><font size="2" style=" font-size: 10pt;">invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests.&#160; The principal risks of an investment in the Fund include the principal risks of investing in the underlying funds.</font></font></p>
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<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The Fund is exposed to the risks of the underlying funds in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund.&#160; To the extent that the Fund invests more of its assets in <font>one</font> underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund.&#160; <font>One</font> underlying fund may buy the same security that another underlying fund is selling.&#160; You would indirectly bear the costs of both trades.&#160; In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund's transactions in shares of the underlying funds.&#160; The Fund's ability to achieve its investment goal depends upon Ibbotson's skill in selecting the best mix of underlying funds.&#160; There is the risk that Ibbotson's evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">The underlying funds are expected to be subject to the following principal risks.</font></p>
<p style=" margin: 0in 0in 0pt;">&#160;</p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Equity Funds Risks:&#160; </font></strong><font size="2" style=" font-size: 10pt;">These underlying funds are subject to the risk that stock prices will fall (or rise with respect to short positions) over short or extended periods of time.&#160; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&#160; Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying fund's shares.&#160; The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the underlying fund's shares.&#160; The risks of investing in underlying equity funds include risks specific to their investment strategies, such as investment style risk and capitalization risk.</font></p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;">&#160;</p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Underlying Fixed-Income Funds Risks:</font></strong><font size="2" style=" font-size: 10pt;">&#160; The prices of an underlying fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments.&#160; Other principal risks include call risk and high-yield debt (&#147;junk bond&#148;) risk.&#160; Call risk refers to situations when an issuer prepays (or &#147;calls&#148;) a debt obligation prior to maturity and an underlying fund holding that debt must invest the resulting proceeds at lower interest rates.&#160; High-yield debt risk refers to non-investment-grade debt obligations (&#147;junk bonds&#148;) that carry a higher risk of default by the issuer, resulting in losses to the underlying fund, and are generally considered speculative and less liquid than investment-grade debt obligations.</font></p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;">&#160;</p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Derivatives Risk: </font></strong><font size="2" style=" font-size: 10pt;">&#160;Certain underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals.&#160; The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default.&#160; These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject.&#160; An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund's duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy.&#160; An underlying fund may not fully benefit from or may lose money on derivative investments.</font></p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;">&#160;</p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Foreign Securities Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Certain underlying funds may invest in foreign securities, which pose risks in addition to those posed by domestic securities because political and economic events unique in a country or region will affect those markets and their issuers.&#160; These events will not necessarily affect the U.S. economy or issuers located in the United States.&#160; In addition, investments in foreign securities are generally denominated in foreign currency.&#160; Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors.&#160; Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.&#160; In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries.&#160; Investments in securities of foreign issuers may be subject to foreign withholding and other taxes.</font></p>
<p style=" margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;">&#160;</p>
<p style=" margin: 0in 0in 0pt 0.5in; text-indent: -0.25in;"><font size="2" style=" font-size: 10pt;">&#149;</font><font size="1" style=" font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Merger Arbitrage Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the Fund's performance.</font></p>
<p style=" margin: 0in 0in 0pt 0.25in; text-indent: -0.25in;">&#160;</p>
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;">As with any mutual fund, there is <font>no</font> guarantee that the Fund will achieve its investment goal.&#160; You can find more information about the Fund's investments and risks under the &#147;Investment Strategies and Risks&#148; section of the Fund's prospectus.</font></p>
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</div>The Fund's Performance<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<div style=" font-family : Times New Roman;">
<p style=" margin: 0in 0in 0pt;"><font size="2" style=" font-size: 10pt;"><font>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for <font>1</font> year, <font>5</font> years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard&#160;&amp; Poor's Composite <font>1500</font> Index.</font>&#160; The</font> <font size="2" style=" font-size: 10pt;">bar chart does not reflect any sales charges, which would reduce your return.&#160; The returns achieved prior to November&#160;19, 2007 were under a fund-of-managers structure.&#160; For more information on the prior history of the Fund, please see the section entitled &#147;The Trust&#148; in the Fund's SAI.&#160; <font>Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font>&#160; More recent performance is available at no cost by visiting <font>www.TouchstoneInvestments.com</font> or by calling <font>1.800.543.0407</font>.</font></p>
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</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Touchstone Balanced Allocation Fund &#151; Institutional Class&#160;shares Total Return as of December&#160;31</strong></div>71627101661805927100.32Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)2004-09-302004-09-30~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member row primary compact * ~2004-09-302015-04-291.800.543.0407~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member row primary compact * ~Worst Quarter:0.10670Institutional Class Return After Taxes on Distributions and Sale of Fund Shares0.1194Class C Return Before Taxes02015-04-292004-09-30The year-to-date returnInstitutional Class Return Before Taxes2015-04-292004-09-30The bar chart does not reflect any sales charges, which would reduce your return.0.110502009-06-302004-09-302015-04-29Class A Return Before Taxes0.0145www.TouchstoneInvestments.comBest Quarter:0-0.2602Institutional Class Return After Taxes on Distributions0.24442014-03-310~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member row primary compact * ~0.068002004-09-30reflects no deduction for fees, expenses or taxes~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member row primary compact * ~0~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035687Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035687Member column dei_LegalEntityAxis compact cik0000711080_S000035687Member row primary compact * ~2008-12-31Class Y Return Before Taxes02004-09-300.13510.0879-15<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Portfolio Turnover.</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs&#160;and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160;&#160;During the most recent fiscal year, the Fund's portfolio turnover rate was <font>38</font>% of the average value of its portfolio.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">1.800.543.0407</div>0.1775<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Fees and Expenses</font></strong></div>0.0209-150.06690.1672-150.1276<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund is a &#147;fund-of-funds,&#148; which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds).&#160; These affiliated underlying funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income funds, as of the date of this prospectus.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <div class="CursorPointer">
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<p style=" margin: 0in 0in .0001pt;"><strong><font size="1" style=" font-size: 8pt; font-weight: bold;">Equity&#160;Fund&#160;Allocation</font></strong></p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;">&#160;</p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;"><strong><font size="1" style=" font-size: 8pt; font-weight: bold;">Fixed-Income&#160;Fund&#160;Allocation</font></strong></p>
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<p align="center" style=" margin: 0in 0in .0001pt 10.0pt; text-align: center; text-indent: -10.0pt;"><font size="2" style=" font-size: 10pt;"><font>70</font>-<font>90</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;">&#160;</p>
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<p align="center" style=" margin: 0in 0in .0001pt; text-align: center;"><font size="2" style=" font-size: 10pt;"><font>10</font>-<font>30</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;">&#160;</p>
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</div> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's sub-advisor,&#160;Ibbotson Associates,&#160;Inc. (&#147;Ibbotson&#148; or &#147;Sub-Advisor&#148;), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors.&#160; The Fund may invest <font>0</font>-<font>45</font>% of its assets in any individual underlying fund.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Ibbotson and the Fund's investment advisor routinely agree on the universe of underlying funds that Ibbotson may consider when making allocation decisions.&#160; Ibbotson's analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis; holdings-based style analysis; manager interviews; relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks; and historical volatility (the variability of returns from <font>one</font> period to the next).&#160; When considering equity funds,&#160;Ibbotson focuses on the underlying funds' foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value).&#160; When considering fixed-income funds,&#160;Ibbotson's primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Ibbotson, subject to approval by the Fund's investment advisor, may change the Fund's target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Decisions to sell shares of the underlying funds are made to adjust an underlying fund's target allocation based on Ibbotson's view of the Fund's characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund's holdings.&#160; For information on the underlying funds, please see the section entitled &#147;Additional Information Regarding the Underlying Funds&#148; under &#147;Investment Strategies and Risks&#148; in the Fund's prospectus.</font></p>
</div>0.05640.10190.10660.05010.10480.12050.05710.15490.1254<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<div style=" font-family : Times New Roman;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund's share price will fluctuate.&#160; You could lose money on your investment in the Fund and the Fund could return less than other investments.&#160; The Fund is subject to the principal risks summarized below.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Management Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; In managing the Fund's portfolio, Touchstone Advisors,&#160;Inc. (the &#147;Advisor&#148;) engages one or more sub-advisors to make investment decisions on a portion of or the entire portfolio.&#160; There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.&#160; The value of your investment may decrease if the sub-advisor incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Risks of Fund-of-Funds Structure:</font></strong><font size="2" style=" font-size: 10pt;"> The value of an investment in the Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds.&#160; The underlying funds may change their investment goals, policies </font><font size="2" style=" font-size: 10pt;"><font size="2" style=" font-size: 10pt;">or practices and there can be no assurance that the underlying funds will achieve their respective investment goals.&#160; Because the Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests.&#160; The principal risks of an investment in the Fund include the principal risks of investing in the underlying funds.</font></font></p>
</div> <div style=" font-family : Times New Roman;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The Fund is exposed to the risks of the underlying funds in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund.&#160; To the extent that the Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund.&#160; One underlying fund may buy the same security that another underlying fund is selling.&#160; You would indirectly bear the costs of both trades.&#160; In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund's transactions in shares of the underlying funds.&#160; The Fund's ability to achieve its investment goal depends upon Ibbotson's skill in selecting the best mix of underlying funds.&#160; There is the risk that Ibbotson's evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The underlying funds are expected to be subject to the following principal risks.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt .5in; 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</font><strong><font size="2" style=" font-size: 10pt; font-weight: bold;">Foreign Securities Risk:</font></strong><font size="2" style=" font-size: 10pt;">&#160; Certain underlying funds may invest in foreign securities, which pose risks in addition to those posed by domestic securities because political and economic events unique in a country or region will affect those markets and their issuers.&#160; These events will not necessarily affect the U.S. economy or issuers located in the United States.&#160; In addition, investments in foreign securities are generally denominated in foreign currency.&#160; Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors.&#160; Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.&#160; In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries.&#160; 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</div>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5</font> <font size="2" style=" font-size: 10pt;">years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard&#160;&amp; Poor's Composite 1500 Index.&#160; The bar chart does not reflect any sales charges, which would reduce your return.&#160; The returns achieved prior to November&#160;19, 2007 were under a fund-of-managers structure.&#160; For more information on the prior history of the Fund, please see the section entitled &#147;The Trust&#148; in the Fund's SAI.&#160; Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.&#160; More recent performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling <font>1.800.543.0407</font>.</font></p>
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</div>0.1757<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Touchstone Moderate Growth Allocation Fund &#151; Institutional Class&#160;shares Total Return as of December&#160;31</strong></div>0.1368-150.05600.17570.13660.0667-0.02020.04440.04540.00250.32800.18380.08200.00250.00250.0025<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Best Quarter: 2</font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">nd</font><font size="2" style=" font-size: 10pt;">&#160;Quarter 2009 <font>17.75</font>%</font></p>
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<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Worst Quarter: 4</font><font size="1" style=" font-size: 7pt; position: relative; top: -3.0pt;">th</font><font size="2" style=" font-size: 10pt;">&#160;Quarter 2008 (18.10)%</font></p>
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</div> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">The year-to-date return for the Fund's Institutional Class&#160;shares as of March&#160;31, 2014 is <font>2.09</font>%</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts for Class&#160;A shares if you and your family invest, or agree to invest in the future, at least $<font>50,000</font> or more in the Touchstone Funds.&#160; More information about these and other discounts is available from your financial professional and in the section &#147;Choosing a Class&#160;of Shares&#148; in the Fund's prospectus on page&#160;34 and in the Fund's Statement of Additional Information (&#147;SAI&#148;) on page&#160;46.</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160; Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.&#160; After-tax returns are only shown for Institutional Class&#160;shares and after-tax returns for other Classes will vary.</font></p> <p style=" margin: 0in 0in .0001pt;">&#160;</p> <p style=" margin: 0in 0in .0001pt;"><font size="2" style=" font-size: 10pt;">Institutional Class&#160;shares and Classes A and C shares began operations on September&#160;30, 2004 and Class&#160;Y shares began operations on December&#160;9, 2005.&#160; Class&#160;Y shares performance was calculated using the historical performance of Institutional Class&#160;shares for the periods prior to December&#160;9, 2005.</font></p>
</div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Shareholder Fees (fees paid directly from your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">
<strong>Average Annual Total Returns&#160;For the periods ended December&#160;31, 2013</strong> <strong><font size="2" style=" font-size: 10pt; font-weight: bold;">&#160;</font></strong></div>0.00250.0100<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">The Touchstone Moderate Growth Allocation Fund (the &#147;Fund&#148;) seeks to provide investors with capital appreciation.</div>0.0043<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Performance&#160;</font></strong></div>0.00400.00352.28300.00890.00890.00890.0089<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>TOUCHSTONE MODERATE GROWTH ALLOCATION FUND SUMMARY</strong></div>0.01820.02540.01492.2944-0.0044-0.0041-0.0036-2.28310.0138Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December&nbsp;31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.0.02130.01130.011350000<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Investment Goal</font>&#160;</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></div><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong>Example.</strong></div>28450.0575<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $<font>10,000</font> in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a <font>5</font>% return each year and that the Fund's operating expenses remain the same (reflecting any contractual expense limits). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>707316115115<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Investment Strategies</font></strong></div>21610747524361203175214651314779120311314255517491203128450.380.0100<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman'; font-size: 10pt;"><strong><font style=" text-decoration: underline;">The Fund's Principal Risks</font></strong><font style=" text-decoration: underline;">&#160;</font></div>Institutional Class Return Before Taxes0.1374~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member row primary compact * ~2015-04-29Institutional Class Return After Taxes on Distributions and Sale of Fund Shares~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member row primary compact * ~ 0.12362009-06-302004-09-3002014-03-310The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and since inception compare with the Barclays U.S. Aggregate Bond Index and Standard & Poor’s Composite 1500 Index.~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member row primary compact * ~After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.2004-09-30The year-to-date return~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member row primary compact * ~2008-12-310.15072004-09-302015-04-29000.0798-0.3467Class Y Return Before Taxes~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member row primary compact * ~Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)2015-04-292004-09-30Institutional Class Return After Taxes on Distributions~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035688Member column dei_DocumentInformationDocumentAxis compact cik0000711080_SummaryS000035688Member column dei_LegalEntityAxis compact cik0000711080_S000035688Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~2015-04-29You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.02004-09-300.17572004-09-30Class A Return Before TaxesClass C Return Before Taxes0Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes)-0.0018The bar chart does not reflect any sales charges, which would reduce your return.00.08690.2660Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.You could lose money on your investment in the Fund and the Fund could return less than other investments.reflects no deduction for fees, expenses or taxes2004-09-30Best Quarter:2004-09-30Worst Quarter:www.TouchstoneInvestments.com0-0.1810Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns are only shown for Institutional Class shares and after-tax returns for other Classes will vary.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses include dividend expenses and interest on securities which the Fund has sold short. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30%, and 1.25% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.Expenses shown above reflect the Advisor's recoupment of previously waived or reimbursed expenses of the Fund, and may differ from the expenses shown in the Fund's Annual Report for the fiscal year ended December 31, 2013.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled" The Advisor" in the Fund's SAI for more information. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Fund's Annual Report for the fiscal year ended December 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Expenses after Fee Waiver shown above have been restated to reflect a change in the Fund's contractual fee waiver, and will differ from the expenses shown in the Fund's Annual Report.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend expenses and interest relating to short sales; interest; taxes; brokerage commissions; other expenditures which are capitalized in accordance with generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual fund operating expenses to 0.49%, 1.24%, 0.24%, and 0.24% of average monthly net assets for Classes A, C, Y, and Institutional Class shares, respectively. This expense limitation is effective through April 29, 2015, but can be terminated by a vote of the Board of Trustees of the Trust if it deems the termination to be beneficial to the Fund. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the year in which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. See the discussion entitled "Expense Limitation Agreement" under the section entitled "The Advisor" in the Fund's SAI for more information.